Sweden Passenger Elevators Market Outlook

sweden’s passenger elevators market has witnessed steady growth in recent years and it is expected to continue in the forecast period 2018 to 2032. the growing demand of passenger lifts due to increased urbanization is the major factor driving the market. sweden government has taken initiatives such as rent-based policies for elevators, focused on the safety and quality standards and provisions for the public. swedish elevators market is segmented based on types such as hydraulic and traction elevators. hydraulic elevators are used for carrying heavy load while traction elevators are used for light to medium load. the product type segment is expected to grow at cagr 2.4% during the forecast period 2018 to 2032. the demand for passenger elevators is driven by various factors such as advancements in technology, improved safety measures and increasing urbanization. moreover, these elevators are becoming increasingly popular due to their convenience. the government has also taken initiatives to promote the use of these elevators which has further fueled the market growth. furthermore, the safety standards set by the government have enabled the passenger elevators to provide safe and reliable services. the government has made regulations that are meant to ensure the safety of the users. it has also initiated various initiatives such as implementation of inspection and maintenance standards. the swidebex standard is one such standard that regulates the design, construction, operation and maintenance of all passenger lifts used in private and public buildings in sweden. the government also provides incentives to the elevator companies such as financial subsidies. this helps the elevator industry in developing their infrastructure, energy efficiency and marketing activities. the improvement in the supply side has resulted in an increase in the demand for passenger elevators in the country. the rising need to replace aging elevator systems in sweden is another factor driving the market. in conclusion, the growth in the demand of passenger elevators in sweden is expected to remain steady over the forecast period 2018 to 2032. the government initiatives and safety regulations are the major driving force behind the market growth.